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WHAT WOULD YOU DO 5-3 (Bad News) Your long-term client is a great guy who...

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Accounting

WHAT WOULD YOU DO 5-3 (Bad News) Your long-term client is a great guy who owns three retail furniture outlets. You have known him for a number of years, professionally as well as personally, and you really like him. In preparing his tax returns, you see that, due to an increase in inventory at the end of the year, and after all, expenses have been accounted for, he will be owing a substantial amount of taxes. Since all of his cash is tied up in inventory, he will probably be short when it comes time to pay. His wife just moved out and he has two children in college, so he is sort of distracted, financially and otherwise. You really don't want to hurt the guy, but he does owe the taxes. How and when would you broach the news?

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